SPG Partners, a New York-based private equity firm, will invest in Continental Environmental Redevelopment Financial (CERF), a lender to brownfield property development projects.
The size of the investment was undisclosed, but a press release noted that the financing would allow CERF to “originate in excess of $500 million in loans.” The deal is SPG’s third since the firm was launched last year.
CERF lends to groups that are engaged in the acquisition, remediation, improvement, rehabilitation and development of property that has been damaged by the potential presence of hazardous substances, pollutants or contaminants.
SPG operating partner Joy Schaefer will become non-executive chairman of the board of CERF.
SPG Partners is a collaboration between Ian Snow, a former key Ripplewood Holdings managing director; Ogden Phipps, of the Phipps family group; and Guggenheim Partners, a diversified financial services company. The firm is currently seeking to raise as much as $500 million for a debut fund.